Bima Nivesh 2005
Table No. 171
Bima Nivesh 2005 Table No.171 is a plan with compound rate of guaranteed additions and loyalty additions . This is the revised version of our popular Bima Nivesh Plan 2004 and is introduced to meet the overwhelming demand for a single premium plan from our customers . It is a single premium, ideal investment plan for those who have no regular income but good periodical income . Bima Nivesh 2005 is available for terms 5 and 10 years. The guaranteed surrender value is payable after the policy has run for at least one year. Term Assurance Rider is also available by payment of a single premium at the option of the proposer.
The Life Insurance Corporation of India (LIC Of India) has always believed in providing value-added service and products. In tune with the changing economic scenario it offer’s multi-benefit schemes to fulfill the varied financial needs of the public. LIC’s ‘BIMA NIVESH 2005‘, is a short term, single premium life insurance plan that also provides safety, liquidity, attractive returns, and tax benefits.
Bima Nivesh 2005 Features:
1. Maturity Benefit: Sum Assured + compounded G.A. + Loyalty Addition, if any.
Guranted Addition at Rs. 50/- per 1000 S.A. for term 5 yrs, compounded annually is given.
Guranted Addition at Rs. 55/- per 1000 S.A. for term 10 yrs, compounded annually is given.
2. Death Benefit: On death, S.A. is given. Compounded G.A is given. L.A. is given.
3. Term Rider Benefit is also available at extra cost.
4. Policy can be assigned as security in bank, housing co. or any financial institute.
5. Backdating @ 9% of policy is allowed.
6. Loan @ 10.5% can be taken against policy.
7. Policy can be surrendered for an amount equal to 80% or 90% of Single Premium for term 5 and 10 respectively.
8. Only Single prem. is allowed.
General Conditions for Bima Nivesh 2005:
Min. age at entry: 13 years completed.
Max. age at entry: 70 years.
Min. S.A.: Rs. 25000.
Max. SA.: Any Amount.
SA in multiples: Rs. 5000.
Max. Maturity age: 75 years.
Modes Allowed: Single premium.
Terms Allowed: 5 and 10 years.
Requirements in writing:
Risk Coverage: SA + GA
Age proof: Std./Non-Std
Form Number: 300/340
Dating Back @ 8%: Allowed
Medical Exam (when TAR is not opted): Not required for any SA.
Premium Rates:
Single Premium rates for Rs.1000 Sum Assured are Rs.995 for 5 years term and Rs. 976 for 10 years term;
Note:
The Term Rider Premium depends on the age nearer birthday and the term of the policy.
REBATES:
1% of basic premium on the premium in excess of Rs.50,000.
Rs.500 plus 1.5% of basic premium on the premium in excess of Rs.1,00,000.
LOAN
Loan will be available to the policyholders under this plan within the Surrender Value.
Bima Nivesh Example:
Mr. Jeevan takes a 5 year term Bima Nivesh 2005 policy for Rs.1 lakh Sum Assured. On maturity, Mr. Jeevan will receive Rs.1,27,628 (Rs.1,00,000 SA+ Rs 27628 being guaranteed Addition @ Rs 50 per 1000 SA compounded annually). In addition, he is also be eligible to receive loyalty Addition, if any, declared by LIC. In case, he dies before maturity, his nominee will receive Rs. 1 lakh SA + accrued GA at Rs 50 per 1000 SA per annum.
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